By Tony Lange | Cannabis Business Times
A startup company with plans to develop payment processing technology for the cannabis industry is now on the brink of collapse after a partnership breakup, according to a lawsuit the company filed Aug. 23 in the U.S. District Court of Northern Illinois.
Emerging Industry Technologies, doing business as Spence Labs, and its attorneys at Kasowitz Benson Torres LLP are demanding a jury trial for their complaint against Fidelity National Information Services Inc. (FIS) and its subsidiary Worldpay. FIS is a billion-dollar public corporation that provides financial services technology on the international stage.
According to the lawsuit, Spence formed a partnership with FIS under which Spence would develop financial technology for legal cannabis dispensaries—which are often forced to operate all-cash businesses without access to safe banking in the federally illegal industry.
